ViewRay Reports First Quarter 2020 Results
First Quarter 2020 Highlights:
- Total revenue of
$14.3 million , primarily from three revenue units including one system upgrade, compared to$20.3 million , primarily from four revenue units including one system upgrade, in the first quarter of 2019. - Received four new orders for MRIdian systems totaling
$22.6 million , compared to seven new orders totaling$42.8 million in the first quarter of 2019. - Total backlog was
$230.8 million as ofMarch 31, 2020 , compared to$237.5 million as ofMarch 31, 2019 . - Cash and cash equivalents were
$190.2 million as ofMarch 31, 2020 . - The Company is withdrawing its 2020 guidance, provided on
March 12, 2020 , as the full impact of COVID-19 remains unknown. - The Company announced
Zach Stassen as Chief Financial Officer.
"As we manage in this challenging environment, we are focused on what we can control. Value creation lies in driving our clinical, innovation and commercial pipeline while enhancing efforts to conserve capital," said
First Quarter 2020 Financial Results:
Total revenue for the three months ended
Total cost of revenue for the three months ended
Total gross profit (loss) for the three months ended
Total operating expenses for the three months ended
Net loss for the three months ended
Financial Guidance
Given the existing uncertainty related to COVID-19 globally, the Company is withdrawing 2020 guidance, issued on
Conference Call and Webcast
After the live webcast, a replay of the webcast will remain available online on the investor relations page of
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the rate of new orders, upgrades and installations,
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Consolidated Statements of Operations and Comprehensive Loss |
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(Unaudited) |
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(In thousands, except share and per share data) |
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Three Months Ended March 31, |
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2020 |
2019 |
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Revenue: |
||||||||
Product |
$ |
11,470 |
$ |
18,874 |
||||
Service |
2,661 |
1,291 |
||||||
Distribution rights |
119 |
119 |
||||||
Total revenue |
14,250 |
20,284 |
||||||
Cost of revenue: |
||||||||
Product |
13,129 |
22,033 |
||||||
Service |
3,228 |
3,615 |
||||||
Total cost of revenue |
16,357 |
25,648 |
||||||
Gross margin |
(2,107) |
(5,364) |
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Operating expenses: |
||||||||
Research and development |
6,337 |
5,031 |
||||||
Selling and marketing |
5,823 |
4,885 |
||||||
General and administrative |
15,788 |
15,109 |
||||||
Total operating expenses |
27,948 |
25,025 |
||||||
Loss from operations |
(30,055) |
(30,389) |
||||||
Interest income |
695 |
220 |
||||||
Interest expense |
(1,038) |
(759) |
||||||
Other income (expense), net |
2,866 |
(2,433) |
||||||
Loss before provision for income taxes |
$ |
(27,532) |
$ |
(33,361) |
||||
Provision for income taxes |
— |
— |
||||||
Net loss and comprehensive loss |
$ |
(27,532) |
$ |
(33,361) |
||||
Net loss per share, basic and diluted |
$ |
(0.19) |
$ |
(0.34) |
||||
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
147,457,116 |
96,741,309 |
|
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Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands, except share and per share data) |
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March 31, 2020 |
|
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ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
190,208 |
$ |
226,783 |
||||
Accounts receivable |
21,490 |
16,817 |
||||||
Inventory |
55,031 |
55,031 |
||||||
Deposits on purchased inventory |
4,235 |
6,457 |
||||||
Deferred cost of revenue |
3,554 |
3,466 |
||||||
Prepaid expenses and other current assets |
5,849 |
3,310 |
||||||
Total current assets |
280,367 |
311,864 |
||||||
Property and equipment, net |
23,570 |
23,399 |
||||||
Restricted cash |
1,860 |
1,404 |
||||||
Intangible assets, net |
54 |
55 |
||||||
Right-of-use assets |
11,175 |
11,720 |
||||||
Other assets |
1,717 |
1,577 |
||||||
TOTAL ASSETS |
$ |
318,743 |
$ |
350,019 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
7,232 |
$ |
13,739 |
||||
Accrued liabilities |
16,310 |
21,390 |
||||||
Customer deposits |
16,307 |
9,662 |
||||||
Operating lease liability, current |
2,332 |
2,264 |
||||||
Current portion of long-term debt |
6,222 |
1,556 |
||||||
Deferred revenue, current |
9,861 |
10,457 |
||||||
Total current liabilities |
58,264 |
59,068 |
||||||
Deferred revenue, net of current portion |
3,193 |
3,553 |
||||||
Long-term debt |
49,375 |
53,995 |
||||||
Warrant liabilities |
2,504 |
5,373 |
||||||
Operating lease liability, noncurrent |
9,865 |
10,479 |
||||||
Other long-term liabilities |
1,528 |
1,377 |
||||||
TOTAL LIABILITIES |
124,729 |
133,845 |
||||||
Commitments and contingencies (Note 6) |
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Stockholders' equity: |
||||||||
Preferred stock, par value of |
— |
— |
||||||
Common stock, par value of |
1,464 |
1,462 |
||||||
Additional paid-in capital |
739,258 |
733,888 |
||||||
Accumulated deficit |
(546,708) |
(519,176) |
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TOTAL STOCKHOLDERS' EQUITY |
194,014 |
216,174 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
318,743 |
$ |
350,019 |
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SOURCE
Investor Relations: Michaella Gallina, Vice President, Chief of Staff, Head of Investor Relations and Communications, ViewRay, Inc., 1-844-MRIdian (674-3426), Email: investors@viewray.com; Media Enquiries: Karen Hackstaff, Vice President, Strategy and Brand, ViewRay, Inc., Phone: +1 408-242-2994, Email: media@viewray.com